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    Property profile & analytics

    3603 Nappanee St Elkhart, IN 46517-1176

    • Industrial properties
    • 6,912 SF
    • 15.41 lot acres
    OFF-MARKET
    Value Estimations
    $370,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3213652
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Cardinal Fifth Wheels / Trailer Manufacturer
    • Forest River, Inc. Plant 15 - Cardinal/Wildcat / Manufacturer

    Property Details for 3603 Nappanee St

    Year built
    1960
    Construction
    WOOD
    Lot size
    15.41 lot acres
    Property size
    6,912 SF
    Zone code
    ZO01
    Property type
    Industrial properties
    APN
    20-05-24-276-015.000-002
    APU
    200524276015000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $355,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $384,000
      Market price range: $150k - $384k
      AI Estimate
      $281,000
      Market price range: $100k - $282k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $245,000
      Current use
      COMMERCIAL (GENERAL)
      $340,000
      Change: +39% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -86.006
    Latitude
    41.6482
    CBSA code
    21140
    CBSA name
    ELKHART-GOSHEN, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $73,048
    $518,300
    $1,863,500
    $2,381,800
    -
    $518,300
    $1,863,500
    $2,381,800

    Comparable in this City

    • Value Estimation
      $270,000
      80 SF

      County Rd 22

      INDUSTRIAL (GENERAL) • 80 SF
      County Rd 22, Elkhart, IN 46517
      View Details
    • Value Estimation
      $590,000
      143,787 SF

      3601 Charlotte Ave

      INDUSTRIAL (GENERAL) • 143,787 SF
      3601 Charlotte Ave, Elkhart, IN 46517-1192
      View Details
    • Value Estimation
      $270,000
      766 SF

      2642 Main St

      INDUSTRIAL (GENERAL) • 766 SF
      2642 Main St, Elkhart, IN 46517-2616
      View Details
    • Value Estimation
      $975,000
      64,175 SF

      57490 County Rd 3rd 3

      INDUSTRIAL (GENERAL) • 64,175 SF
      57490 County Rd 3rd 3, Elkhart, IN 46517-9798
      View Details
    • Value Estimation
      $450,000
      2,100 SF

      59535 County Rd 7th 7

      INDUSTRIAL (GENERAL) • 2,100 SF
      59535 County Rd 7th 7, Elkhart, IN 46517-9527
      View Details
    • Value Estimation
      $430,000
      20,250 SF

      1722 Mishawaka Rd

      INDUSTRIAL (GENERAL) • 20,250 SF
      1722 Mishawaka Rd, Elkhart, IN 46517-9404
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4.90 Acres

      West 78 Business Park Land

      Elkhart, IN Industrial Land - Divisible Lots
      26 & Sr 19, Elkhart, IN 46517
      View Details
    • $375,000
      5,660 SF

      Elkhart Industrial Flex Space - $375K

      5,660 SF Flex Space, Great Automotive Use
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    • $5,050,000
      144,375 SF

      Elkhart Industrial Building For Sale

      144,375 SF industrial building with manufacturing zoning.
      3308 Charlotte Ave, Elkhart, IN 46517
      View Details
    • $393,720
      7,720 SF

      Elkhart Manufacturing/Service Shop Opportunity

      7,720 SF building ideal for manufacturing or service shop.
      1727 W Lusher Ave, Elkhart, IN 46517
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    • $329,000
      0.55 Acres

      Prime Elkhart Commercial Building

      High-traffic Main Street location, endless potential.
      3444 Main Blvd, Elkhart, IN 46517
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    • $5,000,000

      40 Acres Commercial Land Available

      40 acres of commercial land for sale at SR 19.
      27501 County Road 26, Elkhart, IN 46517
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    Similar Nearby for Lease

    • $4 SF/Yr
      60,360 SF

      Elkhart Manufacturing/Warehouse Space Available

      60360 SF manufacturing/warehouse space for lease in Elkhart, IN.
      28505 County Road 20, Elkhart, IN 46517
      View Details
    • $5 SF/Yr
      28,125 SF

      Elkhart Warehouse Manufacturing Space

      28,125 SF warehouse with docks and grade doors.
      28680 Holiday Pl, Elkhart, IN 46517
      View Details
    • $3 SF/Yr
      146,324 SF

      Elkhart Warehouse Space Available

      146,324 SF warehouse space for lease in Elkhart.
      1601 Fieldhouse Ave, Elkhart, IN 46517
      View Details
    • Contact for pricing
      7,480,123 SF

      SR 19 & CR 26 Commercial Land

      171 Acres, Elkhart, IN - Build-to-Suit
      0 Sr 19 & County Rd 26, Elkhart, IN 46517
      View Details
    • $23 SF/Yr

      Elkhart Office Space For Rent

      Vibrant office space with accessibility and professional finishes.
      3145 Benham Ave, Elkhart, IN 46517
      View Details
    • $11 SF/Yr
      3,280 SF

      Elkhart Auto Shop For Rent

      Auto shop with frontage on South Main Street available for rent.
      3526 S Main St, Elkhart, IN 46517
      View Details
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    3603 Nappanee St
    Elkhart, IN 46517-1176
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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